THE LINK BETWEEN VISION AND FINANCIAL ADVANCEMENT

 As personal finance coach one of the most common questions that Iam asked is, how can one improve their finances? I should attest that I do not have all answers to this question. It is a noble question. As a nation we are grappling with means of survival. It is tough to survive but then there must be a solution to this dilemma. During the lock down there were two cases of young men who killed themselves because they could not cope up with life. Financial struggles have contributed to crime and mental health. Today Uganda is not a safe place simply because young people are looking for ways of survival.

I have witnessed market vendors who do not earn a lot and have been able to build houses and pay school fees with their meagre income. On the contrary we have witnessed international celebrities who had a lot of money and become bankrupt. What is the missing link? I think it is related to vision. Without a clear vision for our finances we are likely to become broke in the long run. Today we live in a generation that wants instant gratification. A youth earns a salary and spends the whole amount in a week. The next day he or she is surviving on high cost loans from loan sharks. I know of a youth who gambled his tuition and failed to sit for university exams. There was a story of an investor who was conned of a lot of money in a gold scam. In a bid to make instant returns, many companies have conned the public of their hard earned money and closed down.

Harv Eker in his book Secrets of a Millionaire Mind noted that rich and successful people think long term. This was emphasized by Brian Tracy in his book The 100 Absolutely Unbreakable Laws of Business Success. These are captains of industry and it is worth taking their advice. Rich people take care about every coin they get. Today there are very many youths who are after gaining instant returns and they lose their hard earned money. This has been worsened by social media and technology. We want to compete with developed countries yet the standards of living are not the same. Today most youths want to buy the latest cars in their first year of employment. It is not bad to acquire good things but we must count the cost. Humility is a virtue that is losing its vitality in a fast paced world. The other dilemma is peer pressure. So many young people can not say no to their friends and this makes them live beyond their means. Some youths have been smuggled abroad with the promise of "abnormal returns"

HOW TO MAXIMISE OUR FINANCES

1.Have a long term vision

2. Save as you earn

3.Start small

4. Identify a financial coach

5.Have a budget.

6.Track your expenses

7. Invest in learning

8.Research before you invest

9.Avoid peer pressure

10.Associate with successful people

11.Open an account in a regulated financial institution

12.Live within your means


Financial struggles are the norm in today's unpredictable world. Finances are limited. Despite this how come there are some people with limited finances who have overcome the odds despite their limited backgrounds while some international celebrities have become bankrupt. Can we link it to vision? This is what the article sought to address.

Phillip Kiryowa\

Personal Financial Coach

Founder Advanced Empowerment Link

+256752615916

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